Fractional property sales are helping the UK find a new popularity as a residential tourism destination for foreign buyers, reports OPP.

A number of developers have seen a rise in interest in UK fractional property in the last few months. Marriott’s private residence club 47 Park Street in London exceeded its third quarter sales target, while Barrasford & Bird Worldwide is looking for new UK opportunities following the successful launch of a fractional property in Cornwall last month.

Barrasford’s Tregrena Barns, which offers fractions from £39,000, has already made several sales and is dealing with European buyers and British ex-pats in Hong Kong. “Who'd have thought that UK holiday homes would attract foreign buyers but they are,” managing director Robin Barrasford told OPP.

At the other end of the market, Marriott’s £111,000 PRC has attracted growing interest from the US in the last six months. “It’s difficult to pinpoint exactly why this is, but we think that the reason may be due to the change in the dollar exchange rate,” Jennifer Massey, project director at 47 Park Street, told OPP. “We are seeing a marked increase in interest from parents whose children attend boarding school in UK,” she added.


Home-grown potential
Luxury exchange firm The Registry Collection has also noted the growing potential of UK fractional among British buyers and plans to increase its affiliations in the country in 2010.

“Around 40% of the shared ownership market in Europe is from British buyers who are tending to have holidays closer to home,” VP & head of new business development Nick Turner told OPP. “The UK has got the biggest potential of any market and there are some really nice destinations in places like Devon and Cornwall being developed. They have a big audience who can drive there and don’t have to worry about the exchange rate.”